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This paper proposes a parsimonious framework for designing contingent capital contracts (CoCos). CoCos designed this way (i) are either optimal or incentive compatible for equity holders, (ii) implement a unique equilibrium, and (iii) result in an...
This study scrutinizes the quality of “bottom-up” forecasts of near-term S&P 500 Composite earnings, derived by aggregating analysts’ forecasts for individual firm-level earnings. We examine whether forecasts are broadly consistent with curren...
This paper studies how measured beliefs can be used to identify monetary non-neutrality. In a general equilibrium model with both nominal rigidities and endogenous information acquisition, we analytically characterize firms’ optimal dynamic inform...
We propose an empirical framework in which shocks to worker reallocation, aggregate activity, and labor supply drive the joint dynamics of labor market outcomes and inflation, and where reallocation shocks take two forms depending on whether they ...
The debt sustainability framework for market access countries has been designed by the International Monetary Fund for all market access countries, a set that includes emerging markets and advanced economies. The debt sustainability framework for ...
It is well-known that dollar credit to emerging market (EM) corporates has expanded dramatically in the past two decades. However, the concurrent expansion of local currency credit, facilitated by more developed domestic financial systems, has bee...
We estimate the risk premium for firm-level climate change exposure from 2003 to 2019. Exposure is constructed from discussions of climate-related risks and opportunities in earnings calls. When extracted from realized returns, the unconditional r...
2013 年6月18日,我国碳市场首单交易在深圳市碳排放权交易试点的启动仪式上达成,深圳能源集团股份有限公司向广东中石油国际事业有限公司和汉能控股集团有限公司各售出1万吨碳排放配额。自此,中国碳排放权交易拉开序幕。经过近十年的发展,我国碳排放权交易无论是在立法建设层面,还是在实务操作层面均取得了显著成效。本文旨在通过梳理碳排放权交易立法沿革、总结碳排放权交易市场现状,归纳我国碳排放权交易发展的问题,并提出初步解决方案,以期对我国碳排放权交易市场建设有所裨益。